Retail Trading Platforms Pile Into $5M Funding Round for Zero Hash Crypto Settlements Firm
Three trading platforms focused on the retail market have participated in the $4.75 million Series C for a crypto settlement service.
Sep 2, 2020 at 5:03 p.m. UTCUpdated Aug 19, 2021 at 4:07 a.m. UTC
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Three retail-orientated trading platforms have participated in the latest $4.75 million funding round for crypto trading infrastructure provider Zero Hash.
- Zero Hash announced Wednesday it had completed its Series C funding round, which was led by tastyworks, the owner of app-based brokerage, tastytrade.
- Other participants included another app-based broker-dealer Dough as well as Small Exchange, a futures market aimed at retail customers.
- Existing investors including Bain Capital, brokerage firm TradeStation, CMT Digital and Monday Capital also participated in the round.
- Zero Hash provides a settlement infrastructure for platforms, such as app-based brokerages, to offer cryptocurrency trading for their users.
- A Form D filed by Zero Hash's parent, Seed CX, to the Securities and Exchange Commission (SEC) Tuesday shows $3.75 million had been raised – $1 million off the $4.75 million funding target.
- But co-founder Edward Woodford told CoinDesk Wednesday that Zero Hash had, in fact, hit the $4.75 million raise amount.
- In response to a question about how many retail-oriented trading platforms that invested in the latest round could wind up using Zero Hash's technology, Woodford said, "Watch this space in particular for Dough and tastyworks announcements in the next two weeks."
- Indeed, Zero Hash already counts TradeStation, as well as several unnamed over-the-counter (OTC) groups as clients.
- Seed CX launched in 2015 as a derivatives trading platform for exotic commodities, including cannabis, but pivoted into crypto in late 2017.
- Initially a subsidiary, Seed CX, closed its exchange in June in order to focus on Zero Hash, as it brought in roughly 95% of total revenue.
- Woodford said the company now trades exclusively under the name Zero Hash.
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